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PDD Holdings takes a profit hit in Q1 to shore up its merchant base

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Pulses

Zhuhai launches push into AI, robotics

just now
SCMP
Zhuhai has launched a state-backed tech firm and RMB 600 million in subsidies to boost its AI and robotics sectors. The package includes vouchers covering up to 50% of computing costs and 30% of large model usage fees. Two new initiatives were also introduced to support startups and integrate industrial resources.

Shein shifts IPO plan to Hong Kong

just now
Reuters
Shein is preparing to file for a Hong Kong IPO after failing to secure Chinese approval for its London listing, despite clearance from UK regulators. The fast fashion retailer is expected to submit a draft prospectus in the coming weeks. Regulatory sensitivities, supply chain scrutiny, and tariff changes reportedly prompted the venue shift.

BYD to bring smart driving tech to Singapore

just now
CNA
Chinese EV maker BYD plans to roll out its DiPilot smart driving system (also known as “God’s Eye”) to overseas markets, starting with Singapore. The launch, expected by next year, will comprise features like adaptive cruise, automated parking, and remote control, with deployment staggered based on each market’s regulatory and technical readiness.

Doubao gains real-time visual assistant mode

just now
SCMP
ByteDance has added real-time video calling to its Doubao chatbot, letting users activate their phone camera during voice calls for live AI assistance. Powered by a visual reasoning model, the feature enables Doubao to interpret scenes, respond to queries, and retrieve real-time information.

ByteDance mandates switch to Trae IDE

just now
Caijing
ByteDance will ban third-party AI coding tools such as Cursor and Windsurf starting June 30, citing data leak risks. Developers have been instructed to switch to Trae, its in-house IDE powered by the Doubao 1.5 Pro model. The move follows a company-wide directive to tighten internal data safeguards.

Offshore solar milestone reached in Shandong

just now
The Paper
China's CGN has fully connected a 400MW offshore solar project in Laizhou Bay, Shandong. Touted as one of the largest fully operational projects of its kind to date, the site spans 500 hectares and features custom anti-corrosion modules as well as a new piling vessel designed to endure challenging marine conditions.

Douyin tightens rules on viral content

just now
Douyin
Douyin unveiled a new governance framework for managing viral content and trending topics, combining AI tools and human review for fact-checking, identity verification, and limits on monetization by involved accounts. Disputed posts will be labeled, with support from media and authorities to ensure factual accuracy.

SpaceX’s ninth Starship test ends in failure

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Financial Times
On May 27 local time, SpaceX’s Starship reached space in its ninth test flight but failed to deploy mock Starlink satellites and lost its upper stage during reentry. The failure, which ended with debris falling into the Atlantic Ocean, marks a setback for SpaceX’s deep space plans. The company cited a loss of main tank pressure as the cause.

Joby closes USD 250 million Toyota deal

just now
Joby Aviation
Joby Aviation has closed a USD 250 million investment from Toyota to advance certification and production of its electric air taxis. The funding marks the first tranche of a previously agreed deal and will support plans to scale manufacturing through expanded collaboration.

Brazil sues BYD over labor violations

just now
Reuters
Brazilian labor prosecutors have sued BYD and two contractors over alleged trafficking and “slavery-like” conditions for 220 Chinese workers building a factory in Bahia. The suit seeks BRL 257 million in damages and fines. BYD said it respects labor rights and is cooperating with authorities.

Apple plans unified app for gaming content

just now
Bloomberg
Apple will launch a dedicated gaming app across iPhones, iPads, Macs, and Apple TVs, replacing Game Center and adding support for both App Store and third-party titles. Set to debut at WWDC on June 9, the app will centralize achievements, subscriptions, and editorial content ahead of broader iOS updates in September.

Neuralink raises USD 600 million in new round

just now
Semafor
Neuralink has raised USD 600 million at a USD 9 billion pre-money valuation, more than doubling its worth from 2023, according to Pitchbook. The final figure exceeds the USD 500 million target previously reported and follows chip implants in three patients, including an ALS patient who spoke using the device in a video on X. It is Neuralink’s largest funding round to date.

KKR launches third Asia infrastructure fund

just now
Infrastructure Investor
KKR has reportedly launched its third Asia Pacific infrastructure fund, seeking to exceed the USD 6.4 billion raised by its predecessor in 2024. With a continued focus on energy, utilities, digital infrastructure, and transport across APAC, the new vehicle targets strong demand from existing and new LPs, after posting an 18.6% IRR for the second fund as of end-2024.

Alibaba explores options to trim ZTO stake

just now
Bloomberg
Alibaba is considering a sale of bonds exchangeable into ZTO Express shares to trim its 10% stake, which it acquired for USD 1.38 billion in 2018 to boost its logistics services. Talks are reportedly ongoing, and no final decision has been made. The potential deal would echo Baidu’s bond sale tied to Trip.com Group earlier this year.

Salesforce to buy Informatica for USD 8 billion

just now
Salesforce
Salesforce has agreed to acquire Informatica for USD 25 per share in cash, valuing the deal at USD 8 billion. The move will bring Informatica's cloud-native data tools into Salesforce's ecosystem to enhance its AI stack and expand capabilities in customer data management and automation.

China to boost role of development zones

just now
CGTN
China will deepen reforms in 232 national development zones, which collectively generated RMB 16.9 trillion in GDP and attracted USD 27.2 billion in FDI in 2024. A new plan prioritizes foreign-led projects in semiconductors, biomedicine, and advanced manufacturing, aiming to strengthen global investor engagement and promote higher-quality market access.

Nvidia braces for China hit in Q1 earnings

just now
Reuters
Nvidia is expected to report Q1 2025 revenue of USD 43.3 billion, up 66.2% YoY, but faces a USD 5.5 billion charge after US curbs on its H20 chip for China. The company has exited USD 15 billion in China sales and could lose up to USD 4.5 billion per quarter going forward. Adjusted gross margins are forecast to decline by more than 11 percentage points.

China sets record in satellite data speed

just now
Global Times
China set a national record for satellite-to-ground X-band transmission at 2,100 megabits per second, a 75% boost over prior speeds. The milestone was reached in an AI-assisted experiment co-led by the Aerospace Information Research Institute (Chinese Academy of Sciences) and Beijing Rongwei Technology, aimed at easing remote sensing data bottlenecks and advancing high-capacity satellite communications.

Tesla’s sales plunge nearly half in Europe

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CNBC
Tesla sold 7,261 vehicles in Europe in April, down 49% YoY, even as regional EV sales grew 34%, according to ACEA data. The decline reportedly reflects growing adoption of hybrid vehicles, intensifying competition, and reputational fallout tied to Elon Musk’s political activity. Tesla’s European sales fell nearly 40% in the first four months of 2025.

Tencent takes nearly 10% of SM Entertainment

just now
Bloomberg
Tencent will acquire nearly 10% of SM Entertainment for about USD 180 million from Hybe, which is selling its remaining 2.2 million shares at a 15.3% discount. The deal marks a rare Chinese investment in South Korea’s music sector and comes amid expectations that China may lift its longstanding unofficial ban on K-pop performances.
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